Controversy over the name BIP177 and Bitcoin?

June 10th Controversy over the name BIP177 and Bitcoin?

The long and prominent discussion of Bitcoin’s naming of the number of units after the decimal mark reflects the conflict between Bitcoin’s tradition and convenience in life. A notable proposal is to eliminate decimal marks and use “bitcoin” (multiple) as the smallest unit instead of Satoshi. Satoshi has become popular, but some people believe that “bits” – including 100 Satoshi – will become more accessible to popular users, especially when the price of Bitcoin rises. Recently, BIP 177 – proposed by John Carvalho (CEO synonym) – heated up the discussion. BIP 177 wants to completely remove the decimal mark and use “Bitcoin” as the default display unit. However, like previous upgrades such as Segwit and Taproot, this change requires long periods of discussion, testing and consensus from the community. The success of BIP 177 depends not only on the technical quality but also on the level of change ready for the Bitcoin community.

16 years from now, why is there discussion about the minimum unit name for BTC?

As a digital property, Bitcoin can be divided into very small units to support a wide range of economic activities, from high-value transactions to micro-transactions. The most famous unit is “Satoshi”, representing 1/100,000,000 of Bitcoin. The term “Satoshi” was first proposed in 2010 on the Bitcointalk.org forum by a user with the nickname Ribuck.

Over time, the community chose “Satoshi” as the atomic unit of Bitcoin, creating short cultural languages ​​such as “Stats stacked” to honor Nakamoto, both mystical founder. However, another unit “BIT” is equivalent to 100 Satosh or 1/1,000,000 Bitcoin, but is proposed more intuitively. Some notable voices like Adam Buck supported the revival of “bits” where if Bitcoin’s price reaches $1 million, one bit equals $1 dollar, making conversion easier.

Thus, the discussion between “SATS” and “BITS” is not only a technical issue, but also a story between tradition and user-friendly design.

Currently, Bitcoin has a variety of units: BTC, MBTC (Millibitcoin), µBTC (Microbitcoin or “bit”), and Satoshis. This can be confusing, especially for non-technical people. Bitcoin (1 BTC) equals 1,000 MBTC, 1,000,000 bits, or 100,000,000 Satoshis. This diversity creates unnecessary complexity, especially when users face small numbers such as 0.000043 BTC and 4300 Satoshis.

According to BIP 177, the complete Bitcoin – that is, 100 million Satosh – can be called “Mega Bitcoin.” By removing decimal marks and standard units to “Bitcoin”, it reduces the sense of odd and technicality, and gives a feeling that is closer to the average user.

The BIP 177, proposed by the synonym John Carvalho, aims to change the normal understanding of Bitcoin units using the smallest unit (element unit) as a display standard. Instead of representing a Bitcoin value in the form of decimal numbers (e.g. 0.00004321 BTC), BIP 177 completely removes the decimal mark and calls each basic unit “1 Bitcoin.”

Using this model, what was once called “1 Satoshi” (1/100,000,000 BTC) simply becomes “1 Bitcoin.” Supporters believe that decimal numbers are an outdated UI legacy, especially for new participants. BIP 177 does not change consensus or data rules, but faces cultural challenges when changes to wallet interfaces and exchanges require changes to the synchronization and the term “sats” needs to be replaced.

The Bitkit wallet is the first wallet to apply BIP 177

Bitkit Wallet, developed by synonyms, a “sister” company to Bitfinex, is a self-managed wallet focused on a friendly user experience, making it easy to join the Bitcoin ecosystem. Bitkit integrates many advanced features, including built lightning buttons, decentralized payments (DIDS), and smooth backups via encrypted cloud.

What sets Bitkit apart is the early and enthusiastic applications of the BIP 177 Standard. Instead of using BTC or complex fractions such as MBTC, Bitkit wallets display the value according to “Bitcoin” so that users can better understand it. For example, instead of displaying “0.000043 BTC”, Bitkit displays “43 Bitcoins”. This will turn Bitcoin from a difficult technological currency into a familiar exchange. This is the same as using coins and Satoshi.

Does BIP 177 get enough support to survive?

It is not clear whether there are many businesses like Jack Dorsey’s Square, or whether 177 BIP is widely accepted by the community. The big wallet and floor still prioritize BTC or Satoshi, indicating a conservative trend in the Bitcoin community.

Looking back at history, technologically clear changes such as Segwit (BIP 141) and Taproot (BIP 341) take years to be accepted. For example, Segwit was proposed since 2015, but was revitalized until 2017 after a series of discussions and community civil wars, including races between the UASF and miners.

The process of changing standards is difficult to form, especially when it relates to the user interface. Many users and programmers don’t want to change their habits despite their experience suggestions. Lack of adjustments from large stakeholders like wallets, payment platforms, education and more – BIP177 risks halting on good ideas, but has not been implemented.

In the Bitcoin ecosystem, BIP is a proposal for improvements from protocols to interfaces. Some BIPs must agree to all networks (such as Segwit or Taproot), and 177 BIPs will be applied voluntarily. But even so, all meaningful changes must overcome fragmented, careful, skeptical community.

The problem lies in the operation of the Bitcoin community. Decentralized, prudent, no one has the right to order. BIP 177 is a network-wide change, but it must depend on the developer and service arbitrary. 1 As Satoshi gradually approaches the $1 value, more intuitive displays like the BIP 177 (using “bits”) become easier to understand every day.

Currently, some projects such as Spiral, Square, Workit, and Cashu are implementing BIP 177 at various levels. In systems where the default is “unchanged” then even minor improvements like the BIP 177 face high officially recognized barriers.

in short,: The discussion of the name of the Bitcoin unit reflects a balance of tradition and convenience. Whether “Satoshi” is a cultural icon or not, “Bit” or “Bitcoin” can open the door for wider application. With project leads like Bitkit wallets and the potential of large companies like Square, Bip 177 has the opportunity to create turning points in how you view and use Bitcoin. In the Bitcoin world, every change requires time, validation and spacious consensus. Will BIP 177 become the norm or just an interesting idea? Let’s wait and see!

Don’t forget to follow the bitfinex Vietnam Community telegram, Twitter & Facebook To update articles, information and events as soon as possible!